By Alex Ciorogar
Hanley Investment Group Real Estate Advisors has brokered the sale of Natomas Shopping Center, a 50,168-square-foot retail center in Sacramento, Calif. The property sold for $10.3 million with a 6.3 percent cap rate in a 1031 exchange.
Built in 2007, the asset is anchored by CVS Pharmacy, Ace Hardware and Dollar Tree. Spreading across a 7-acre site, the center is located at 2000-2050 Club Center Drive, at the intersection of Club Center Drive and Natomas Boulevard.
Hanley Investment Group Executive Vice Presidents Kevin Fryman and Bill Asher represented the seller, a private investor from Bakersfield, Calif., while the buyer, a private investor from the San Francisco Bay Area, represented himself. The asset was fully leased at the time of the deal.
“We achieved an aggressive market cap rate and structured a successful closing to satisfy the buyer’s 1031 exchange requirement five days prior to the buyer’s exchange deadline while obtaining a premium value for the seller,” Fryman said in prepared remarks.
In March, Hanley Investment Group Real Estate Advisors arranged the sale of Westlake Village, a 31,980-square-foot retail center in Sacramento, Calif., located at 3501-3511 Del Paso Road.
Image courtesy of Hanley Investment Group Real Estate Advisors